New notices of default at the nation's private mortgage insurers far outpaced cures in May, ending a run of three months where the opposite was the case, according to the latest data from the Mortgage Insurance Cos. of America (MICA).

The cure/default ratio for May was 80.6%, compared with 106.1% in April and 108.4% for May 2010. There were 36,159 cures reported, by far the lowest so far this year and 44,853 new defaults; other than for January, MICA data no longer includes numbers from United Guaranty Corp.

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